Renovate America Gets OK For $5M Stalking Horse Bid

Law360 (January 8, 2021, 7:07 PM EST) -- A Delaware bankruptcy judge on Friday gave home improvement financing company Renovate America permission to go ahead with its Chapter 11 asset auction with a $5 million minimum stalking horse bid.

At a video hearing, U.S. Bankruptcy Judge Laurie Selber Silverstein approved Renovate's sale procedure motion over the objections of the U.S. Trustee's Office to the fact Finance of America Mortgage LLC's bid protections will get priority over the claims of all the company's other creditors.

Renovate filed for Chapter 11 on Dec. 22 with $115.3 million in liabilities, of which $7.3 million is funded debt. The company said tightened legislation on...

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